Grains were mixed and range bound in overnight trade action. In outside markets, equity markets were fractionally lower while the US Dollar index tried to eclipse the 101 mark for the first time in two weeks. Crude oil was also inching higher.
Overnight, Algeria was said to have bought 570,000 MT of wheat, likely to be sourced from the EU. Russia and Turkey plan to hold talks on import restrictions imposed by Ankara on Russian wheat in two weeks time, deputy prime minister Arkady Dvorkovich told reporters on Friday. The restrictions were not logical, he said. Turkey has put on hold purchases of wheat, maize (corn) and sunflower from Russia by imposing high import tariffs from mid-March.
In China, soy crush margins continue to be pressured hitting their lowest mark in 9 months. This could hamper their import appetite for soybeans just as South America ramps up exportable supplies.
The Midwest and Delta is expected to see limited rains between Monday and Thursday but rains are expected to intensify by next weekend. Overall, weather should be good for corn seeding pace given warmth & limited showers through mid-month. In the Plains, rains return to winter wheat in the 6-10 & mid/late 11-15 day to support crop growth with no seeming threats of cold.
The US jobs report this morning was below expectations with only 98,000 new jobs added as compared to 180,000 expected. The unemployment rate did dip to 4.5% from 4.7% previously, the lowest in a decade.
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